“Countries like China have taken a very strong position against Cryptocurrency. However they have a very strong belief that blockchain technology can transform the world around us and they are looking to implement it in ways that will be extremely productive to their society.”
Thanks for this piece. I enjoyed the read. Here are some thoughts of my own:
I think it’s also important to point out that Chinese regulators are wary of crypto until they can figure out a way to place capital controls on it, in the early days it was a common way to move RMB out of the country. Also, with mining as big as it is in China, and the amount of energy mining requires, it puts huge pressure on the government because energy and ‘scarce resources’ are not being used for its “laobaixing” common people, but rather for profit of a small few. Last winter, there were issues with schools in the countryside not having access to heat and electricity, forcing kids to have class outside because it was warmer than inside the buildings while energy resources were being used to mine crypto. Just doesn’t reflect communist values and threatens systemic stability....
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Stories by Gifto Official on Medium
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